If your current clunker is ready to retire, it could be time to purchase a brand-new car so you can hit the road safely and in style.
Buying a car is a major investment and it can cost you a lot of money unless you’re buying in cash.
So, when is a good time to buy a car and when should you start the process? Read on to find out more so you can develop a smart car-buying strategy.
Get Your Timing Right
If you wonder when is a good time to buy a car, consider the day of the week that you plan to do your shopping. Monday through Wednesday is a good time to get a deal since most customers are working, and there will be less foot traffic at the dealership.
The majority of dealerships are crowded on the weekends, and you might not get the attentiveness you expect or need from a salesperson. If your salesperson is distracted or busy, they won’t take the time to help you get the best deal possible.
If you can, look for a new car on a Mondy since this is usually the slowest day for most dealerships. In terms of the time of year to do your shopping, consider waiting until October since this will be when dealerships have their final sales quotas for the year.
You might get lucky if you shop between October and December since the salesperson will be feeling the pressure to get the current models off the lot. Avoid going there on the last day of the month if possible. Stick to the last few days such as the 26th through the 28th for better results.
While it’s impossible to time your new car shopping perfectly, these days and months are usually the most promising for better prices. Remember that you can always move on to another dealership if you’re not happy with their final offer.
When Is a Good Time to Buy a Car? Try These Holidays
Every retailer from clothing and furniture to cars holds major sales on specific holidays. The summer is usually the most expensive time of year to buy a new car, however the Memorial Day holiday might be an exception.
As car manufacturers get closer to Memorial Day, they’re preparing to release models for the new year. This means major savings for anyone who wants to purchase the current year’s models since the dealerships are gearing up to make room on the lot for new vehicles.
You may find some incredible deals on new cars on Black Friday, but keep in mind that this “holiday” is extremely busy for dealerships. Even if there are some great prices to be found, it can be tough to deal with the huge influx of customers and lack of attention from salespeople.
Believe it or not, New Year’s Eve is a great holiday for car shopping. This is the time when dealerships are facing major quotas and they could be ready to sell you something at a deep discount.
If you’re willing to buy a used car, shopping for models that are at least three years old can provide significant savings. All dealerships want to clear their lots to make room for the beautiful new models, so older used cars are often the first to have their prices slashed.
Buy When Your Credit is Stellar
Unless you have tons of cash in the bank, you’re likely going to need to finance your new vehicle. The best time to do this is when your credit is in excellent shape.
You can also look into a rent to buy option, which could give you a little wiggle room on your payment plan. Check your credit score before you head over to the dealership. Being armed with this information can give you more leverage when it’s time to make a deal.
If your credit is in good shape, you will get lower interest rates and better terms. Remember, you don’t have to get financing directly through the car dealership, either. Consider getting a personal loan from your bank or credit union and you may end up with better rates.
If you’re pre approved for financing, make sure you bring that information with you. Being financed ahead of time gives you a lot more purchasing power and more room to bargain with the dealership.
Ideally, you should only buy a car when you’re financially ready. Don’t get caught up in the shiny new models if they’re going to cost you a ton of money each month after you sign on the dotted line. Of course, if you have bad credit, there are still options available to you.
Never settle for financing that makes you feel uncomfortable or that you’re not happy with. Remember, once you buy that new car, you’re responsible for making the payments so it’s important to know what terms you want in advance.
Car Shopping is Easy
Once you answer the question of when is a good time to buy a car, you can make the best decision that will save you the most money. Try to shop at the beginning of the week and at the end of the month whenever you can.
Get your credit score in check before you begin the car shopping process so you can save money on interest for an even better deal.
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